|Healthcare Review: Acadia Healthcare, The Medicines Company, Cell Therapeutics, Regeneron Pharmaceuticals, Arena Pharmaceuticals|
|By Staff and Wire Reports|
|Tuesday, 08 January 2013 14:20|
The benchmark S&P index has fallen 0.5 percent in the wake of the 4.3 percent jump in the two days surrounding the conclusion of the fiscal cliff debate, and investors have found few catalysts to extend the brief rally.
Following are the notable movers at mid day on Tuesday:
Acadia Healthcare Company Inc (NASDAQ:ACHC) stock gained 3.40% to $24.97 after the company announced the purchase of Greenleaf Center, a 50-bed acute inpatient psychiatric facility in Valdosta, GA. Acadia purchased the facility in a transaction that was completed January 1, 2013, from South Georgia Medical Center, a non-profit health system.
The Medicines Company (NASDAQ:MDCO) shares climbed 10.77% to $28.60 in the early hour after the company announced results for its pivotal Phase 3 clinical trial of cangrelor, which is in development to prevent platelet activation and aggregation that leads to thrombosis in the acute care setting, including in patients undergoing percutaneous coronary intervention (PCI).
Cell Therapeutics Inc (NASDAQ:CTIC) shares gained 20.54% to $1.57 after the company announced that the Israeli Ministry of Health has fast-tracked its current Phase I/II ALS safety trial to a Phase IIa dose-escalating trial, significantly expediting the company's clinical development program and saving valuable time. The trial, which will evaluate the safety and preliminary efficacy of BrainStorm's NurOwn stem cell therapy candidate, will be launched immediately at the Hadassah Medical Center in Jerusalem.
Regeneron Pharmaceuticals Inc (NASDAQ:REGN) shares declined 5.27% to $172.92. The company, on Jan. 4, has been notified of an unsolicited "mini-tender" offer by TRC Capital Corporation to purchase up to 1 million shares, or approximately 1.06%, of the outstanding Regeneron common stock at a price of $161.25 per share. TRC's offer price represents approximately a 4.46% discount to the closing price of Regeneron common stock on December 27, 2012, the last closing price prior to commencement of the offer, and a 10.77% discount to the closing price of Regeneron common stock on January 3, 2013. In addition, TRC's offer is subject to numerous conditions, including the availability of financing satisfactory to TRC.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) stock increased 5.87% to $9.73. The company announced that the company is scheduled to present at the 31st Annual J.P. Morgan Healthcare Conference on Wednesday, January 9, 2013, at 3:30 p.m. Pacific Time (6:30 p.m. Eastern Time) at The Westin St. Francis in San Francisco, California. Jack Lief, Arena's President and Chief Executive Officer, is scheduled to provide a corporate overview.